Designed by Herbert J. Krapp for the Shuberts, the Eugene O'Neill Theatre originally opened as The Forest — named after 19th century tragedian Edwin Forrest — on Nov. 25, 1925. The theatre opened with a production of the musical Mayflowers. In 1945, the theatre closed and, after extensive alterations, reopened as the Coronet.

Under the ownership of Lester Osterman, it changed its name in 1959 to the Eugene O'Neill Theatre in honour of the American playwright. After Osterman, the theatre was also owned by playwright Neil Simon before he sold it to Jujamcyn Theatres in 1982.